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Financial Accounting Theory and Analysis Text and Cases 10th Edition Schroeder Test Bank
Financial Accounting Theory and Analysis Text and Cases 10th Edition Schroeder Test Bank
https://testbankfan.com/download/financial-accounting-theory-and-analysis-text-and-c
ases-10th-edition-schroeder-test-bank/
Multiple Choice
1. Which early accounting theorist was among the first to express the view that all changes in the
value of assets and liabilities should be reflected in the financial statements ?\
a. A. C. Littleton
b. John Canning
c. William Paton
d. DR Scott
Answer c
Answer a
3. Which of the following is not one of DR Scott’s hierarchy of accounting postulates and
principles?
a. Orientation postulate.
b. The principles of truth and fairness.
c. The materiality principle
d. The principles of adaptability and consistency.
Answer c
4. Which of the following organizations published the monograph titled A Tentative Statement of
Accounting Principles Affecting Annual Corporate Reports
a. SEC
b. AAA
c. AIA
d. NAA
Answer b
5. Which of the following organizations published the monograph titled A Statement of Accounting
Principles?
a. SEC
b. AAA
c. AIA
d. NAA
6. Who was the author of Accounting Research Study No. 1, The Basic Postulates of Accounting?
a. Robert Sprouse
b. Maurice Moonitz
c. Alvin Jennings\
d. Thomas Hatfield
Answer b
Answer b
8. Under Statement of Financial Accounting Concepts No. 2, feedback value is an ingredient of the
primary quality o
Relevance Reliability
a. No No
b. No Yes
c. Yes Yes
d. Yes No
Answer d
9. Under Statement of Financial Accounting Concepts No. 2, which of the following interacts with
both relevance and reliability to contribute to the usefulness of information?
a. Comparability
b. Timeliness
c. Neutrality
d. Predictive value
Answer a
10. Which of the following hierarchy of qualities did Statement of Financial Accounting Concepts
No. 2 indicate as being most important?
a. Relevance
b. Reliability
c. Verifiability
d. Decision usefulness
Answer d
11. Which of the following is considered a pervasive constraint by Statement of Financial
Accounting Concepts No. 2
a. Benefits>costs
b. Conservatism
c. Timeliness
d. Verifiability
Answer a
12. Under Statement of Financial Accounting Concepts No. 2, which of the following is an ingredient
of the primary quality of relevance?
a. Predictive value
b. Materiality
c. Understandability
d. Verifiability
Answer a
13. Under Statement of Financial Accounting Concepts No. 2, which of the following is an ingredient
of the primary quality of reliability?
a. Understandability
b. Verifiability
c. Predictive value
d. Materiality
Answer b
14. Under Statement of Financial Accounting Concepts No. 2, the ability through consensus of
measures to ensure that information represents what it purports to represent is an example of the
concept of
a. Relevance
b. Verifiability
c. Representational faithfulness
d. Feedback value
Answer c
15. Under Statement of Financial Accounting Concepts No. 2, which of the following relates to both
relevance and reliability?
a. Timeliness
b. Materiality
c. Verifiability
d. Neutrality
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